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John Melis
John Melis,
Category: Australia Law
Satisfied Customers: 538
Experience:  Principal Lawyer at Legal AU Pty Ltd
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I have a trust and own a house through it. The interest rate

Customer Question

Hi there, I have a trust and own a house through it. The interest rate is crazy high and I want to close the trust and have the house in my name only. Is this possible?
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Victoria
JA: Has anything been filed or reported?
Customer: not sure what you mean. The house was purchased through the trust and I am the trustee for it. Thats pretty much it
JA: Anything else you want the lawyer to know before I connect you?
Customer: no not really. thanks
Submitted: 1 month ago.
Category: Australia Law
Expert:  John Melis replied 1 month ago.
Dear customer, my name is***** solicitor, please allow me a few moments to review your question and I will respond accordingly.Kind regards *****
Expert:  John Melis replied 1 month ago.
Dear customer, where property needs to be transferred out of a trust this will result in a capital gains tax event.There are numerous people that do face this difficult choice, as a result of insufficient accounting advice when the trust is being considered as an investment/protection vechile.If yoh would like to discuss this matter by telephone I welcome you to select telephone services.If you have any further questions please do not hesitate to contact me.Kind regards *****